Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$930/mo
Lowest payment- Down payment
- $333,090
- Funds due
- $343,868
- Interest + MI left
- $29,444
- First ends
- Jan 2041
Assumption
Assumption + second
$3,029/mo
+$2,099/mo- Down payment
- $40,090
- Funds due
- $52,180
- Interest + MI left
- $492,116
- First ends
- Jan 2041
New loan
New conventional
$2,896/mo
+$1,966/mo- Down payment
- $40,090
- Funds due
- $48,732
- Interest + MI left
- $545,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $66,910 | $66,910 | $359,910 |
| Second mortgage | — | $293,000 | — |
| First P&I | $522.56 | $522.56 | $2,491.94 |
| Second P&I | — | $2,099.09 | — |
| Mortgage insurance | $75.78 | $75.78 | $71.98 |
| Taxes, insurance & HOA | $331.58 | $331.58 | $331.58 |
| Total housing payment | $929.92 | $3,029.01 | $2,895.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,090
Closing costs & prepaids$12,090
Usable credit−$0
Total buyer cash needed$52,180
Earnest money paid−$0
Remaining funds due$52,180
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$304.75
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$7.68
Prepaid interest, second (1 days)$62.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing14 yr 2 moOf the original 30-year loan at 4.190%
Interest already paid$59,209Through Nov 2026
Assumption only · ends Jan 2041$29,444
Assumption + second · ends Jan 2041, second Dec 2056$492,116
New conventional · ends Dec 2056$545,828